Business Cycle and the Financing Behavior of Japanese Firms

• Project/Area Number: 25780212
• Research Category: Grant-in-Aid for Young Scientists (B)
• Allocation Type: Multi-year Fund
• Research Field: Money/ Finance
• Research Institution: Kyoto Sangyo University
• Principal Investigator: SAKAI Koji 京都産業大学, 経済学部, 准教授 (80548305)
• Project Period (FY): 2013-04-01 – 2016-03-31
• Project Status: Completed (Fiscal Year 2015)
• Budget Amount: ¥3,120,000 (Direct Cost: ¥2,400,000、Indirect Cost: ¥720,000); Fiscal Year 2015: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000); Fiscal Year 2014: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000); Fiscal Year 2013: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
• Keywords: 金融論 / 企業金融 / 金融機関 / 貸出市場 / 資金配分 / 景気変動

Outline of Final Research Achievements

This paper examines the reallocation of credit among Japanese firms during the period FY1980-FY2014. We employ the quarterly Financial Statements Statistics of Corporations by Industry and apply the job reallocation measure proposed by Davis and Haltiwanger (1992) in order to gauge the extent of credit reallocation. Our findings are as follows: (1) there is a substantial amount of credit reallocation at any phase of the business cycle, indicating that firms' financial procurement behavior is inherently quite heterogeneous; (2) overall credit reallocation is procyclical to the business cycle in Japan as a result of strong procyclicality of credit creation and relatively weak countercyclicality of credit destruction.

Research Products

• [Journal Article] 日本企業の資金再配分 (2016)
  • Author(s): 植杉威一郎・坂井功治
  • Journal Title: HIT-REFINED Working Paper Series Volume: No. 39 Pages: 1-22
• [Journal Article] 日本企業の資金再配分 (2015)
  • Author(s): 植杉威一郎・坂井功治
  • Journal Title: RIETI Discussion Paper Series Volume: 15-J-035 Pages: 1-21
• [Presentation] 日本企業の資金再配分 (2015)
  • Author(s): 坂井功治
  • Organizer: 独立行政法人経済産業研究所 DP検討会
  • Place of Presentation: 独立行政法人経済産業研究所
  • Year and Date: 2015-03-31
• [Presentation] Credit reallocation in Japan (2015)
  • Author(s): 坂井功治
  • Organizer: 独立行政法人経済産業研究所「企業金融・企業行動ダイナミクス研究会」
  • Place of Presentation: 独立行政法人経済産業研究所
  • Year and Date: 2015-03-13